ST Engineering - RHB Research 2026-04-02: Kuwait Subcontract Adds To Defence Growth Visibility

• ST Engineering (SGX:S63)’s recent contract win to design and supply platform systems for Kuwait’s new fleet of eight missile gun boats (with three vessels to be built at its Singapore yard) reinforces our thesis that sizeable international defence awards are a key near-term catalyst for the stock.

STE’s Marine business has secured a 6-year subcontract worth S$600m

• - Read this at SGinvestors.io -
• The programme draws on ST Engineering’s proprietary Fearless-class patrol vessel design and underscores its capabilities in platform design, systems integration, and naval engineering. The vessel construction scope should provide tangible yard workload and improved revenue visibility.
• - Read this at SGinvestors.io -
• We believe that ST Engineering’s latest win positions it within a meaningful export-led naval programme, strengthens its standing in the Middle East defence ecosystem, and offers further evidence that its international defence franchise continues to gain traction.

The new award fits well with our positive stance on STE.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Previous report by RHB:
2026-03-25 ST Engineering - Execution Strength Supports Higher Target Price; BUY.

Price targets by 5 other brokers at ST Engineering Target Prices.

Listing of research reports at ST Engineering Analyst Reports.

Relevant links:
ST Engineering Share Price History,
ST Engineering Announcements,
ST Engineering Dividend Payout Dates & Corporate Actions,
ST Engineering News